- Don’t be overconfident.
- Learn when to hold and when to fold.
- Keep liquid capital ready.
- Manage volatility, uncertainty, complexity and ambiguity.
- Hire a coach or mentor.
Friday, 10 November 2017
Why do Some Businesses Fail?
“All life is an experiment. The more experiments you make the better.” — Ralph Waldo Emerson
Entrepreneurship is for bravehearted, not for fainthearted. Although every entrepreneur wants to succeed majority of them fail due to several reasons. We will discuss the reasons for businesses failures and explore practical ideas to achieve business successes.
Why do some Businesses Fail?
“No matter what one does, regardless of failure or success, the experience is a form of success in itself.” — Jack Ma, founder of Alibaba
Only few businesses succeed while most of them fail. Here are the reasons for business failures: lack of vision; gap between vision and mission; lack of liquidity; improper planning; failure to adapt to change like Kodak; no long-term planning; deviating from the main goals; compromising core values; lack of persistence; inability to manage external threats; lack of internal locus; lack of right team; inability to retain the right talent; focusing more on ends, not means; and above all, lack of ethics. In a nutshell, the businesses fail when entrepreneurs are not ready to take the plunge; no proper marketing strategy; not able to reach right customer; no idea about budgeting; not using automation; not implementing paid advertisements; and not sure of what to measure.
How to Achieve Your Business Success?
“Success is the result of perfection, hard work, learning from failure, loyalty, and persistence.” — Colin Powell
To be successful in business, you must enter unexplored areas where there is a huge potential for growth and expansion. You must keep the technological changes in view before you write your business plan. You must do a thorough research about the area to analyze prospects and problems. You must conduct SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis. You must build a strong team of employees and retain the best talent. Be prepared for internal and external challenges and changes. Be adaptable. Build a team of advisors and trouble-shooters to assist you whenever you encounter business challenges. Here are some tips to achieve success of your business:
Convert Your Passion into Profit
“Failure should be our teacher, not our undertaker. Failure is delay, not defeat. It is a temporary detour, not a dead end. Failure is something we can avoid only by saying nothing, doing nothing, and being nothing.” — Denis Waitley
There are highs and lows in business the way you undergo highs and lows in life. You must take the challenges head-on. Remember, no business is too big to fail or too small to succeed. Hence, be passionate about building your business empire, add value to customers through continuous feedback, and reinvent regularly through innovation to succeed as an entrepreneur.
“We need to teach the highly educated man that it is not a disgrace to fail and that he must analyze every failure to find its cause. He must learn how to fail intelligently, for failing is one of the greatest arts in the world.” — Charles Kettering
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